Questions and Answers: King's Cross leasehold conveyancing
Looking forward to exchange soon on a leasehold property in King's Cross. Conveyancing lawyers assured me that they report fully next week. What should I be looking out for?
The report on title for your leasehold conveyancing in King's Cross should include some of the following:
- You should receive a copy of the lease
I’m about to sell my ground floor apartment in King's Cross.Conveyancing has not commenced but I have just had a half-yearly service charge invoice – Do I pay up?
It best that you clear the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
My wife and I purchased a leasehold flat in King's Cross. Conveyancing and Norwich and Peterborough Building Society mortgage organised. I have received a letter from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1994. The conveyancing practitioner in King's Cross who acted for me is not around.What should I do?
First contact the Land Registry to be sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a King's Cross conveyancing firm to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am a negotiator for a reputable estate agency in King's Cross where we see a number of flat sales derailed as a result of leases having less than 80 years remaining. I have received conflicting advice from local King's Cross conveyancing firms. Please can you clarify whether the vendor of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
We expect to complete the sale of our £500000 apartment in King's Cross in 10 days. The freeholder has quoted £348 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in King's Cross?
King's Cross conveyancing on leasehold flats usually involves the buyer’s solicitor sending questions for the landlord to address. Although the landlord is under no legal obligation to answer such questions the majority will be willing to do so. They are entitled invoice a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is £350, in some transactions it exceeds £800. The management information fee levied by the landlord must be sent together with a summary of rights and obligations in relation to administration charges, otherwise the charge is technically not due. In reality one has little choice but to pay whatever is demanded if you want to sell the property.
Following years of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in King's Cross. Can we issue an application to the Residential Property Tribunal Service?
in cases where there is a missing landlord or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to decide the amount due.
An example of a Lease Extension decision for a King's Cross premises is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case was in relation to 1 flat. The the unexpired residue of the current lease was 66.8 years.